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Economics Past Questions and Answers

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Economics Questions

Question 1196:

The basic economic problems of the society include?

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A What to produce, how and for whom
B How to produce and sell
C Scarcity, when to produce and how
D Scarcity, for whom to produce and where

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Question 1197:

Opportunity cost is an economic concept which describes the?

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A Monetary equivalent of the utility of a commodity
B Amount of time or money invested on a commodity
C Sacrifice made for the satisfaction of a want
D Cost of retaining an optimum level of production of commodities

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Question 1198:

The circular flow of income defines the?

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A Relationship between ends and means in the economic system
B Allocation of income to various members of the household
C Flow of goods, services amd money among the various micro-sectors of the economy
D Micro-economic relationships in economic analysis

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Question 1199:

The necessity of choice is due to the fact that?

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A Human wants are insatiable
B Consumers like to maximize satisfaction
C Resources are abundant
D Consumers are selective

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Question 1200:

In a mixed economy, decisions to produce are taken by?

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A Men and women acting in their own best interest
B The government acting in the interest of the country
C The market women, the labour unions and the employers association
D Private individuals, organization and the government

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